Kellogg to Cut 7 Percent of Workforce

Food-manufacturing company Kellogg may have beat the Street with its third quarter 2013 earnings report Monday morning, but in some bad news for its global workforce, also announced a cost-savings program that will slash 7% of that workforce over the next four years. It also lowered its outlook for the remainder of 2013.

Kellogg reported third quarter net sales of $3.7 billion, a figure just about in line with both consensus estimates and revenue from the quarter ending this time in 2012. The company's third quarter net earnings (including GAAP measures) increased 2.5% to $326 million, or 90 cents per share. The Street was expecting 89 cents per share, which is what the company reported in the third quarter of 2012.

Excluding special items, third-quarter EPS increased 2.2% to 95 cents per share.

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